Showing posts with label online installment loans. Show all posts
Showing posts with label online installment loans. Show all posts

Thursday, July 26, 2018

How Are Installment Loans Different from Standard Payday Loans?

How Are Installment Loans Different from Standard Payday Loans


As you shop around for payday loans, you may discover that there are more varieties of this useful type of loan than you ever imagined. For instance, did you know that you can get installment loans that are also payday loans? This is a great type of loan for anyone who needs the speed, convenience, and ease of approval of a payday loan but who also wants a more flexible way to make repayments.

Repayment is the Key Difference with Installment Loans


The most important difference between installment loans and standard payday loans is the way the loans are repaid. With a typical payday loan your lender deducts the total amount you owe from your bank account. This usually happens on your next payday and it wipes the debt totally clean, one great benefit of payday loans. With installment loans, on the other hand, you get a repayment plan that allows you to make payments in smaller installments until the total amount has been repaid and you are debt-free again.

Installment Loans Give You Some Flexibility


A lot of people love the way standard payday loans work, and for good reason. Being able to get rid of the debt all at once and have it repaid is great in many situations. There may be some times, though, when you know cash is going to be tight even after getting in another paycheck. For this reason, lenders offer the installment loans that give you all the other great qualities of payday loans but with the installment plan for repayments. It gives you a little wiggle room to be sure you won’t be late or come up short when the loan amount is due. It can be a big weight off your shoulders.

Installment Loans Are Still Basically Payday Loans


The great thing about these installment loans is that they are still payday loans. So you still get all the convenience and ease of a payday loan with the repayment plan of an installment loan. For instance, you can still apply online or through the app in a matter of minutes. Approval still takes just 90 seconds or less. And, you can still get approved based mostly on your income and even if you have bad credit.

How to Use Installment Loans Responsibly


While installment loans provide a good solution for anyone unsure of being able to make full repayment, it’s always best to repay all at once if you can. If not, make sure you use these installment loans in a way that is responsible. For instance, if you end up being able to pay more than you thought, go ahead and make more payments. Get it paid off sooner if you can. Avoid using the loan amount for anything you don’t really need. Any debt you incur has the potential to be damaging to your credit, so just borrow what you need, use it, and repay the amount as soon as you possibly can.